There are a variety of mortgage products out there that serve the needs of different homeowners, but it can be hard to know what will work best for you. If you happen to be close to retirement and are looking at options that may be more financially beneficial for you, here are the details on a reverse mortgage and how this product can work for you.
The Details On A Reverse Mortgage
The reverse mortgage was created in 2009 as the Home Equity Conversion Mortgage for Purchase (HECM) following the 2008 recession. While this type of mortgage is only available to homeowners who are 62 or older, it offers a way for people to tap into the equity of their home so that they are not required to pay monthly mortgage payments. There are limitations imposed on this product, but this can be useful, as long as all risks and terms of the mortgage are understood.
What’s Required To Apply?
In order to utilize this mortgage product, the homeowner must have paid off their property entirely or have a significant amount of equity in their current home. As people who want to use a reverse mortgage will have to go through a credit check, they will have to be able to prove that they have the ability to pay for all the fees associated with home ownership. This can include common expenses like insurance, property tax and any other applicable charges that come with a monthly mortgage payment.
How You Can Use It
A reverse mortgage can be confusing to understand. It is intended for those who want to receive monthly payments, get a lump sum payment from their equity or even access a line of credit, or just as a means of tapping into additional funds. This means that the overall loan balance of the mortgage will increase over time due to interest. Also, insurance may not be paid consistently. The reverse mortgage assumes that these expenses will be taken care of once the owner has passed away and the property can be sold or the loan balance is paid by heirs.
A reverse mortgage can be a beneficial product for homeowners nearing retirement, but it’s important to be aware of the associated costs and risks involved to determine if this product is beneficial for you. For more information, give me a call – J.P. Cook – 602-320-4253.
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1521 N Victor Drive Prescott, AZ 86301
$475,000
3
Beds
2
Baths
2,400
SqFt
Status
Active
MLS #
6673728
Property Type
Single Family Residence
Price Type
--
Discover the perfect blend of rustic elegance and modern comfort in this 3-bed, 2-bath log cabin home. Boasting 2400 sqft, this amazing cabin offers an updated kitchen, ideal for entertaining. Step onto the expansive back deck to soak in breathtaking panoramic views of Prescott and Prescott Valley. With so many possibilities this home could be great for families, rental property, or a second home. Within minutes to shopping and medical. The potential in-law suite adds versatility, while the home's thoughtful features include a newer roof (2016), enhanced drainage work, and an upgraded electrical panel. Experience energy efficiency with owned solar panels, ensuring sustainability and savings. This Prescott gem is your gateway to cozy mountain living and endless Arizona skies.
5537 S Marble Drive Gold Canyon, AZ 85118
$475,000
3
Beds
2
Baths
1,675
SqFt
Status
Active
MLS #
6673822
Property Type
Single Family Residence
Price Type
--
Check out this 3 bed, 2 bath COMPLETELY REMODELED home on a corner lot! Walk into an open concept floor plan w/ a BRAND NEW Kitchen that includes White Kitchen Cabinetry w/ gold pulls, quartz countertops, Stainless Steel Appliances & a HUGE Island. Enjoy the mountain views of the back patio, w/ no neighbors behind. The oversized primary suite has a walk-in closet, soaking tub, tiled walk-in shower & modern vanity. The guest bathroom features double sinks, upgraded fixtures & a tiled walk-in shower. Home is punctuated w/ luxury vinyl planks throughout. Property is walking distance to the fitness center 2 pools, hobby rooms, computer lab, library, billiards, ballroom, 18-hole Mountain Brook Championship Golf Course. two pools, hobby rooms, a computer lab, library, billiards, ballroom, Tennis, pickleball, & bocce ball courts. Make your appointment today!
6632 E Fairbrook Circle Mesa, AZ 85205
$475,000
3
Beds
2
Baths
1,743
SqFt
Status
Active
MLS #
6674396
Property Type
Single Family Residence
Price Type
--
Incredibly well-maintained home on the market for the first time in Brookfield East in Mesa! NO HOA in this amazing community but close to parks, beautiful common areas and a great school district! This home has vaulted ceilings, open floorplan and just had a new roof installed, tile floors throughout, a water heater and new HVAC system so all of the large ticket items are complete! Large fully fenced back yard with an RV gate, custom BBQ covered area, extra storage, covered back patio with views of the mountains!! Come see this one today!
354 W Coolidge Avenue Coolidge, AZ 85128
$475,000
4
Beds
2
Baths
1,751
SqFt
Status
Active
MLS #
6675103
Property Type
Single Family Residence
Price Type
--
NEW- HUGE PRICE REDUCED!!! This retail storefront is Zoned Mixed Commercial Use and is NOT zoned for residential only! The property was most recently used as a group home. Whether you are going to run a business and occupy a portion of the buillding or set up an office this is an amazing Store front location. This retail storefront was recently and thoughtfully updated in 2023/2024. Updates include New premium Vinyl flooring with 5'' baseboards, kitchen cabinets, granite countertops, sleek stainless hood vent, stainless sink in kitchen with upgraded faucet, new waterheater and closet, bathroom vanities toilets and exhaust fans, new interior/exterior led lighting, new paint interior/exterior, wall panels, 25' rear entry gate floor paint on back patio.
11237 N 49th Drive Glendale, AZ 85304
$475,000
4
Beds
2
Baths
1,952
SqFt
Status
Active
MLS #
6675792
Property Type
Single Family Residence
Price Type
--
This block home as a new roof, new dual pane windows, new water heater, new garage door and motor, new pool heat pump for your heated pool along with pool motor, new water softener, fridge and dishwasher. There is a good sized living room off the entry and formal dining. The kitchen has granite tile countertops with backsplash, white cabinets, tile flooring, deep kitchen sink with upgraded faucet, and recessed lighting. The family room has a large exposed wooden beam a fireplace and mantle leading to a covered backyard patio with a heated pebble tec pool with diving board. The master bedroom is very spacious with a walk-in closet. The home does have leased solar with a $149 monthly payment that the seller will pay off at closing. Community park with playground, tennis courts, and basketball courts right down the street
17720 W Bajada Road Surprise, AZ 85387
$475,000
3
Beds
3
Baths
2,098
SqFt
Status
Active
MLS #
6675802
Property Type
Single Family Residence
Price Type
--
Seller is willing to credit buyer for the 2/1 buydown. LOW payment, New Multi-Gen home, Airbnb, Mother in law suite. with separate Guest Quarters/Apartment in the wonderful community of Desert Oasis, Surprise AZ. This gorgeous home features custom white quartz kitchen counter tops, tile throughout, 9 ft ceilings, 4 inch baseboards, NO Carpet! High quality pendant lights and Farmhouse Chandelier. Very open floor plan with 2 Bedrooms with a DEN in the main house and a full bedroom, bathtub/shower combo, living room, custom Galley kitchen, Full size front loading washer and dryer, tucked away in a large closet. In the Guest quarters. Fresh crisp white paint throughout this lovely home. Custom lighting throughout. Black hardware, upgraded Farmhouse style doors throughout. Large single rectangle single bowl sink/pull down faucet. Gorgeous black ceiling fans. 9 foot ceilings, huge sliding glass door to let in that wonderful morning sunlight. Landscaped backyard with grass lined pavers and different types of flowers, real green grass/rocks in this designer backyard. Community pool! Dog Parks, School walking distance!!Frys Market, Jersey Mike's Subs, Barros Pizza, Fry's Gas Station too! Hair Cutters and a Dentist. Lake Pleasant Emergency Room 15 Minutes away. Fire Station on 163 Ave. Everything you need is out here! Come and be off the Grid, but with plenty of supplies! Gorgeous Mountains in this area! Access to the Loop 303!!
16218 N 99th Drive Sun City, AZ 85351
$475,000
2
Beds
2
Baths
1,886
SqFt
Status
Active
MLS #
6675810
Property Type
Single Family Residence
Price Type
--
Breathtaking views and gorgeous sunsets on this Riverview Golf Course location! Overlooking what feels like your own pond is this 2 bedrooms, 2 bathroom home, formal dining, nice size den, family room, plus a bonus area for your office or storage and large front room for gatherings. New windows through out, open and bright Arizona room overlooking the course. Large front patio with pergola and pergola also extended over front parking. Home is in good condition and ready for its new owner.
36001 N Kennedia Lane Queen Creek, AZ 85140
$475,000
2
Beds
2
Baths
1,342
SqFt
Status
Active
MLS #
6676359
Property Type
Townhouse
Price Type
--
Discover the charm and comfort of this fully furnished Muros floorplan nestled within the Resort Collection of Encanterra Country Club. Positioned mere moments away from both clubhouses, this residence boasts a prime location backing onto a tranquil greenbelt and parkview lot, offering a serene retreat from the hustle and bustle. Step inside to experience the seamless flow of an Open Concept design, where the kitchen, dining area, & great room converge harmoniously. The heart of the home shines with an expansive island adorned with upgraded cabinetry, countertops, & a stylish backsplash, creating an inviting space for both culinary creations & casual gatherings. A dedicated den, complete with elegant French doors & built-in cabinetry, awaits, providing an ideal spot for work or study. The split floorplan ensures privacy and comfort, with a spacious owner's ensuite offering a peaceful oasis to unwind and rejuvenate. Venture outdoors to discover the allure of the east-facing backyard, where you can bask in the Arizona sunshine and relish in the picturesque surroundings. With its thoughtfully designed layout and desirable amenities, this home embodies the essence of Arizona living, presenting an unparalleled opportunity to embrace a lifestyle of luxury and leisure. Arizona Living is Right Here Waiting for You!
695 Pauley Drive Prescott, AZ 86303
$475,000
3
Beds
2
Baths
1,636
SqFt
Status
Active
MLS #
6676443
Property Type
Single Family Residence
Price Type
--
Under $500K...AND less than a mile from the Courthouse Plaza! Charming 3 bedroom, 2 bath with great views, mature trees. Recently renovated with New Flooring, Carpet, Interior Paint, Central AC, a Bonus/Shop/Hobby Room in a 2-Car Garage, and more! Enjoy the coziness of your Wood Burning Fireplace and the serenity of the Creek from your back deck...all tucked away on a quiet cul de sac.
18449 W Piedmont Road Goodyear, AZ 85338
$475,000
3
Beds
2
Baths
1,998
SqFt
Status
Active
MLS #
6677574
Property Type
Single Family Residence
Price Type
--
Fantastic Estrella Mountain Ranch home with a beautiful, open floorplan by Engle Homes. Homesite has plenty of room between neighboring homes. Solar panels are owned. 3 bedrooms,2 bathrooms, 2 car garage with 3rd bay (can easily be changed back) currently a craft room. Formal dining room also can be a den. Kitchen has plenty of cabinet space, stainless appliances, and island. Backyard is entertainer dream with heated pool and waterfall, covered patio, outdoor fireplace, built in BBQ, and plenty of space for Fido.
18712 W Georgia Avenue Litchfield Park, AZ 85340
$475,000
3
Beds
2.5
Baths
2,140
SqFt
Status
Active
MLS #
6678570
Property Type
Single Family Residence
Price Type
--
Welcome to the beautiful community of Zanjero Trails, featuring real grass, parks and trees, top schools zoning, with easy access to the I-10 or 303. Close to Grocery, gas, dining, coffee shops and more. As you step inside, the spacious entryway with tray ceilings and Luxury Vinyl Plank Flooring are sure to impress. Enjoy the open concept living with grand living room, dining off kitchen where you'll love the massive 10' Island, custom tile backsplash, and quartz counters. A custom accent wall adds charm, while the nearby office with French doors offers a quiet workspace. The owner's suite boasts dual square sinks, a garden tub, and a large shower. Every bedroom includes a walk-in closet for ample storage and ceiling fans. Step out into your finished backyard, north facing for ample shade with an oversized covered patio, completed with custom turf and pavers, gazebo, firepit, mountain views and a 4' side gate creating extra space between your only neighbor as you are on the coveted corner lot. You'll love the 3-car tandem garage for all your toys, bikes and golf cart, plus overhear storage for seasonal items and luggage in between your worldly travels .
18805 E Loma Vista -- Rio Verde, AZ 85263
$475,000
3
Beds
2
Baths
1,783
SqFt
Status
Active
MLS #
6678645
Property Type
Single Family Residence
Price Type
--
FURNISHED Move-in ready! This exquisite 3 bed, 2-bath residence features a 2-car garage with a paver driveway, a stunning desert landscape, & a welcoming front patio. The family room boasts high ceilings, exposed beams, a neutral color scheme, durable tile flooring, and a cozy fireplace. New kitchen with skylights for natural light, quartz counters, wood shaker cabinets, recessed lighting, SS appliances, & a peninsula with a breakfast bar. You'll also find a versatile third bedroom/den perfect for an office. The main bedroom offers soft carpeting, direct backyard access, a private bathroom with raised vanity, dual sinks, updated shower & a walk-in closet. The backyard is an enchanting oasis, complete with a covered patio, an outdoor fireplace, & fragrant citrus trees. This one won't last